Business: Foreign Securities

The Governors of the New York Stock Exchange have contended with these
facts: 1) U. S. investors have more money than U. S. industries,
railroads, public utilities and governmental subdivisions want to
borrow or are willing to trade for stock shares. 2) In consequence
U. S. investors have turned to foreign securities. Last year they bought
$1,212,689,000 of foreign bonds. 3) The Exchange lists 76 foreign bond
issues, worth $6,000,000,000 at par. 4) The Exchange lists 12,000,000
shares of 22 foreign stock issues only by subterfuge. New York state
law forbids the Exchange...